Enel keeps power flowing into hybrid market

By Mike Turner
03 Mar 2021

Enel, the Italian power and gas company, proved that demand still exists in euros for chunky hybrid debt with a €2.2bn dual tranche deal on Wednesday that saw more than three times oversubscription at peak demand and offered no new issue concession.

Enel, rated Baa1/BBB+/A- but printing subordinated debt at Baa3/BBB-/BBB, is the second hybrid issuer in as many days in euros, following a €700m 60 year non-call September 2026 trade from Australia’s AusNet.

At the start of the week, European corporate debt bankers raised concerns that high beta securities ...

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